Directory coming to Waikato soon
The Localist will live up to its name by expanding beyond Auckland next month.
Blair Grubb, chief executive of the New Zealand Post-owned digital directory, said it would set up a four-person office in Wellington next month. A presence in the Waikato and the Bay of Plenty would follow two or three months later and it would move into Canterbury and Otago two or three months after that, he said.
Localist was launched two and a half years ago and Grubb said its search for an additional investor to put a few million dollars into the 65-person company would continue into next year.
Localist appointed Grant Samuel & Associates as a financial adviser for the proposed capital raising in October. But Grubb said its requirement for fresh capital was decreasing as the business headed towards break-even "mid to late next year". Instead it was primarily looking for a new investor to add value to the company in other ways, he said.
Last year NZ Post wrote off $13.3m of the $26.5m it had lent the spin-off.
Grubb said it had turned over more than $1m in the past couple of months.
Localist no longer produces any print directories, focusing entirely instead on the online market. Fairfax NZ